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20121201
20121231
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Search Results 0 to 49 of about 80 (some duplicates have been removed)
that's a big cause of debate. >> reporter: but washington isn't a source of optimism these days. >> if they make a deal it certainly won't be a good one, they'll say this is something we've got to get done and i don't think it's going to be using any brain power to do it. >> reporter: already there is growing talk in washington of a so-called mini-deal. >> let's hope they do. the president was serious. he was friendly in the statement he made-- >> he's going on vacation. he's going to hawaii. >> susan: yeah, but there's an urgency here, and do you think we are going to be any closer to getting a deal done? >> the president really scaled back his ambitions for the immediate time. he said, look, guys, nancy pelosi, come back, try to do the minimum, try to do the least amount of harm. and then come up with some way to say that we'll address bigger issues in the new year. >> he proposed tonight a smaller package, a smaller deal. what will this mean for the economy? what will it mean for the deficit if this small deal, mini deal is passed? >> well, that could be a big problem becaus
gersh with more on the critical work that has to get done in washington this weekend. >> reporter: the president declared himself modestly optimistic congress could still reach an agreement to head off huge tax hikes on january first, but he also warned lawmakers to get their work done. >> the american people are not going to have patience with a self-inflicted wound on the economy. >> reporter: senate republican leader mitch mcconnell called the white house meeting a good one and he told his fellow republicans he hoped to have a fiscal cliff recommendation soon. >> we will be working hard to see if we can get there in next 24 hours and so i am hopeful and optimistic. >> reporter: but the sticking point remains finding something that can make it through the house with enough support from republicans. >> it seems like the 250 threshold that the president proposed previously is unlikely to pass the house in its current form, and so without some sort of additional compromise there, it seems unlikely that we're going to get something done before the end of the year. >> susie: you know
, and the s&p was off 3 points. so while wall street worked half a day, washington was on vacation. lawmakers are increasingly pessimistic about a big agreement-- or any agreement-- being reached before the year ends. darren gersh has the latest. >> reporter: 'twas the night before christmas, and all through the house, nothing much was going on. it was the same story in the senate. washington's cliff talks still remain deadlocked. congress will return on thursday, and it's still possible a few days of holiday cheer and constituent outrage may push republicans and democrats to craft a last-minute agreement to avoid the worst of the fiscal cliff. if we do go over the cliff, the i.r.s. has warned most taxpayers may not be able to file their returns until late march. that would mean long delays for many tax refunds. and economists warn the economic effects will be felt quickly if $600 billion in automatic tax increases and spending cuts begin to take effect next year. at this rate, it looks like lawmakers will celebrate new year's eve at work-- if not resolving the fiscal cliff, at least trying t
's the chief market analyst at john thomas financial. president obama is due back in washington tomorrow, cutting short his hawaiian holiday vacation. he will be meeting with congressional leaders for one last push to prevent the economy from falling over the fiscal cliff next week. no specific bill is on the schedule in the senate or the house, and house republicans haven't yet called their members back to washington. and hopes for a deal by the december 31 deadline are fading. darren gersh reports. >> reporter: the odds of avoiding the fiscal cliff did not get any better over the holiday. staff discussions continue, but there were few signs much, if anything has been accomplished. the house isn't even scheduled to return to washington yet, leaving it up to the senate to act. >> this is a senate that is incredibly divided, hopelessly partisan, requires 60 votes to do anything and somehow, we are going to be relying on them to in five days, come up with a compromise which is acceptable where a compromise wasn't acceptable in four years. >> reporter: it now looks like some kind of fall ov
pass the measure in time? president obama says they can, we've got the latest from washington, on what could happen before the new year's day deadline. and wall street ends the year with a rally and healthy gains. s&p strategist sam stovall joins us with where he sees stocks headed in 2013. that and more tonight on "n.b.r."! washington lawmakers are getting close to a fiscal cliff deal, but they might not get it done before the midnight deadline tonight. the senate could vote in time, but it's possible the house will wait until tuesday. that means the u.s. could go over the fiscal cliff. on wall street today, investors bought up stocks on high hopes of deal, after president obama said this afternoon a deal is "in sight," and positive comments from republican leaders in the senate. here's how e major averagesr closed on this last trading day of 2012. the dow surged 166 points, the nasdaq jumped about 60, and the s&p rose almost 24 points. while wall street has already closed the books on 2012, washington still has a few hours to go before its new year's day fiscal cliff deadline. darren
, washington hasn't made much progress to avoid it. that was the assessment from one of those directly involved: house speaker john boehner. the top republican today accused president obama of, "slow walking", the economy to the edge of the cliff. he repeated his call for the president to send congress a plan that can pass both houses of congress. tax rates are the major sticking point. the president wants to raise them for america's highest earners, house republicans strongly oppose: >> instead of reforming the tax code and cutting spending, the president wants to raise tax rates. but even if the president got the tax rate hike that he wanted, understand that we would continue to see trillion dollar deficits for as far as the eye can see. washington's got a spending problem, not a revenue problem. >> tom: congress and the president have 24 days to reach a deal, before the fiscal cliff's tax hikes and spending cuts take effect. >> susie: mark zandi says "bad things will happen to the economy pretty fast" if lawmakers don't settle the fiscal cliff issue. he's chief economist of moody's analytics
will vote on the republican plan b tomorrow. veterans of washington's budget battles wouldn't be surpriseto see a plan c or d before a final resolution is hammered out. darren gersh, "n.b.r.," washington. >> susie: the threat of the fiscal cliff was a big topic at an investor conference in new york today hosted by johnson controls. this wisconsin-based industrial conglomerate is a leading provider of products to make buildings energy efficient, and it's also the world's largest maker of car batteries and automotive seats. c.e.o. stephen roell told me he's worried that uncertainty about the fiscal cliff could hurt consumer confidence, and his business. >> we don't do that. as the consumer, i products to costumers like the big three, that in turn sell to the auto industry. my biggest concern is how it will affect the psychology of the consumer. i've been surprised, susie, that people continue to buy automobiles. but my fear is that could change dramatically. >> susie: steve, to what extent are the ups and downs impacting your business day to day. >> i think people are holding back on making
in washington. after trading near breakeven for most of the day, the dow moved up in the last hour of trading to close up nearly 60 points. the nasdaq added six, the s&p up almost eight points. >> susie: on capitol hill tonight, lawmakers in the house of representatives are getting ready to vote on a fiscal cliff bill. house speaker john boehner calls it "plan b" and it is expected to be a close vote. the bill proposes to extend tax breaks for everyone making less than $1 million. the move comes as talks to avert the fiscal cliff hit an impasse. darren gersh reports. >> reporter: as washington looks over the edge of the fiscal cliff, democrats and republicans were throwing elbows and getting personal. speaker boehner explained why he pushed the house to vote on a republican plan "b" tonight. >> i did my part, they did nothing. and frankly, i'm convinced that the president is unwilling to stand up to his own party on the big issues that face our country. time is running short. the house will act today, and then it will be up to senate democrats and the president to act. >> reporter: the white
to resume talks after a day of finger-pointing and complaining in washington. on wall street, fiscal fears created whiplash for investors: a big stock market sell-off and then bounce back on word that lawmakers are springing back into action. and, if you used your smartphone to shop this christmas, you're in fashion. it was the year's top retail trend. we have that and more tonight on "n.b.r."! a dramatic cliff-hanger today between washington and wall street about the fiscal cliff. stocks initially sold off after senate majority leader harry reid predicted the economy would go over the cliff. speaking from the senate floor he said there's not enough time between now and the end of the year to reach a deal. but stocks erased their losses ithe final hour of trading on news that the house of representatives will reconvene on sunday night to resume talks. by the closing bell, the dow was down only 18 points, bouncing back from a triple digit loss, the nasdaq lost four, and the s&p slipped almost two points. so what happens next? and can lawmakers prevent an economic crisis by agreeing on a fis
there for long. darren gersh, nbr, washington. >> susie: the fiscal cliff was certainly one topic on the agenda of the federal reserve today as policymakers kicked off their two-day meeting. tomorrow, the world will be waiting to see whether the central bank will do more to prop up the u.s. economy. the big question is whether the fed will stick with its so- called "operation twist" bond- buying program, or will it announce something new? erika miller takes a closer look at what's expected. >> reporter: the fed may announce a new twist in its bond buying plans, but that doesn't necessarily mean the stock market will shout. at it's final meeting of the year, the central bank is not expected to simply tend its operati twist program. that's the nickname for the fed's strategy of buying long- term treasuries and, at the same time, selling an equal amount of shorter-dated bonds. that's important because it keeps the bank's balance sheet the same size. now, the fed may be ready to do a new stimulus dance. >> under twist, they've been purchasing $45 billion longer term treasuries while at the same tim
of progress in washington towards a fix for the fiscal cliff. the only hopeful sign is that republicans and democrats are talking privately again. but they haven't worked out any of the big issues, including what to do about the nation's debt limit. washington will hit its borrowing limit early next year, darren gersh has the latest. >> reporter: sitting around the kitchen table with a middle class family in virginia, the president once again pressed for congress to avoid the fiscal cliff. >> if this family has a couple of thousand dollars less to spend, that translates into $200 billion of less consumer spending next year. and that's bad for businesses, large and small. >> reporter: behind the scenes, the two sides are talking again. but there was no progress in public. senators today fought over the debt limit, and ended up deadlocked over a bill to allow the president to automatically increase borrowing. >> he's shown what he is really after is unprecedented powers to spend taxpayer dollars without any limit at all. >> reporter: if the debt limit isn't raised, the country can't pay f
'll be available for talks, adding ohio has both cell phone service and airports. darren gersh, nbr, washington >> susie: that stalemate over the fiscal cliff weighed on the markets today, despite some encouraging reporton the economy. investors shrugged off news that initial jobless claims fell more than expected during the latest week, retail sales bounced back in november, and wholesale prices declined last month. by the close, the dow tumbled 75 points, the nasdaq fell 22 and the s&p was off nine points. despite that pessimism, many investment managers and analysts are feeling optimistic about 2013. a new investor survey says the u.s. stock market will be the best performing stock market in the world. for details, john rogers joins us. he's c.e.o. of the cfa institute that conducted the survey. so john, the u.s. stock market ranked as the best performer. if we look at the charge of coming in in second place, china and brazil. why the vote of confidence considering all these concerns about the fiscal cliff? >> you're right, susie. it's interesting. it's a happy holiday season for investors.
for a new congress to put the pieces back together in the new year. darren gersh, "n.b.r.," washington. >> susie: well, roger altman is confident democrats and republicans will strike a deal and avoid falling off the fiscal cliff. he was deputy treasury secretary in the clinton administration and is now executive chairman and founder of evercore partners. >> susie: roger, so great to have you back on "nightly business report." >> thank you, susie. >> susie: nice to see you. why are you so optmistic there is going to be a fiscal cliff deal? >> i would cite two broad reasons, and then a few reasons specific to the negotiations. first on the broadside, the financial markets, as we've all seen over the past seven to nine days, especially the equity markets, have been rallying strongly in anticipation of an agreement. they're looking right past the fiscal cliff towards improved economic growth in 2013 and 2014. of course, they can be wrong, but on something of this magnitude, they rarely are wrong. second, i think the cost of failure, for both sides, the president and the democrats, and, of
in washington. markets rallied on news the house will come back to work on sunday, even though there is no solution ready for lawmakers when they return. and in the senate, which is back at work, republican leader mitch mcconnell warned he would not write a blank check to the white house, though he said he would keep an open mind on anything the president proposes. >> it appears to me the action, if there is any, is now in the senate side and we'll just have to see if we're able, on a bipartisan basis to move forward. >> reporter: senate majority leader harry reid said he too would try to reach agreement. but that was after spending most of the day hammering away at house republicans. reid blamed the current stand off on the inability of house republicans to pass their own plan which would have extended tax breaks for everyone making less than a million dollars a year. >> it's the mother of all debacles. that was brought up in an effort to send us something. he couldn't even pass it among the republicans it was so absurd. he meaning the speaker. so it's very clear now mr. presi
Search Results 0 to 49 of about 80 (some duplicates have been removed)